Sector Update: Energy

Last Updated: Wednesday, September 28, 2022 1:19 PM | MT Newswires

Energy stocks were sharply higher amid a big rebound in crude oil prices, with the NYSE Energy Sector Index rising 2.6% this afternoon while the SPDR Energy Select Sector ETF (XLE) was up 3.4%. West Texas Intermediate crude oil was up 3.9% to $81.53 per barrel while Henry Hub natural gas futures were 2.4% higher at $6.81 per 1 million BTU.

In company news, KLX Energy Services Holdings (KLXE) gained more than 30% after the drilling and well services contractor raised its Q3 revenue projections, now expecting 16% to 18% growth over the previous quarter compared with its prior outlook expecting 9% to 13% sequential growth.

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